Modifi acquires PrimaDollar SME export trade finance business

Fintech startup PrimaDollar will now only focus on its supply chain trade finance technology platform. The company has decided to sell its existing export customers, who are typically SMEs, to MODIFI. The SME-focussed startup, MODIFI helps businesses to grow. It further helps them foster strong international partnerships and benefitting local economies.

Both the companies have decided that the transaction will only relate to future businesses. PrimaDollar will retain its current outstanding trade finance book.

From the leaders

Tim Nicolle, CEO of PrimaDollar, said,

“We believe that MODIFI is the company to ensure that our export finance customers across South and East Asia will continue to receive exemplary service and a reliable source of low-cost liquidity in support of their international trade. We continue to be excited by the enormous growth potential open to us in trade finance. This potential has increased substantially during the pandemic. We are expanding quickly and thus expect to be an ever-growing part of the trade finance landscape.”

Nelson Holzner, CEO and Co-Founder of MODIFI, further added,

“MODIFI is delighted to take on PrimaDollar’s export trade finance customers. The deal fully aligns with our mission to enable global trade. This is a significant milestone for MODIFI as it establishes us as the leading global digital trade finance platform supporting small and medium-sized exporters and importers. In the next few weeks, we’ll be working hard to ensure a smooth transition and thus provide our new customers with excellent service to support their growth”.

PrimaDollar, a SaaS-based technology solution, enables large and mid-sized importers to take control over the funds and payments of their international suppliers. Since the platform has received great success, the startup aims to focus on larger clients. MODIFI provides trade finance to businesses across the world on a single digital platform. The company has offices in Amsterdam, Berlin, New Delhi, Shenzhen, Hong Kong and Dubai. The paperless platform helps its customers with digital onboarding. Further, its customers can get working capital in a matter of days. MODIFI also pays exporters’ outstanding invoices and covers the risk of buyer defaults.